Silver double topped in by April 2022 around 26.00+.
From Mid April - Mid May 2022 price plummeted with a strong I wave.
The market consolidated between the 20 = 22 level, till the end of June 2022.
This Range is likely broken with the recent 2 bearish candles - on the last day of June and first day of July.
Suggested scenario is
1. Retracement - to retest prior support now as resistance. This is around 20.65 level. If you look to the 6th of June 2022 you will see the inverted Hammer. This will act as the Highest High for the Kijun Sen indicator at least for the next 6 trading days. This would suggest price is likely to consolidate with this metal this week and head down next week ( as price continues to make past lower highs on the daily chart) .
If you like Fibonacci, the .618 level is nearby .
2. Target - is a 1.618 fib extension for a projected N wave. This ties in with the June 2020 Support Level around 16.90
From Mid April - Mid May 2022 price plummeted with a strong I wave.
The market consolidated between the 20 = 22 level, till the end of June 2022.
This Range is likely broken with the recent 2 bearish candles - on the last day of June and first day of July.
Suggested scenario is
1. Retracement - to retest prior support now as resistance. This is around 20.65 level. If you look to the 6th of June 2022 you will see the inverted Hammer. This will act as the Highest High for the Kijun Sen indicator at least for the next 6 trading days. This would suggest price is likely to consolidate with this metal this week and head down next week ( as price continues to make past lower highs on the daily chart) .
If you like Fibonacci, the .618 level is nearby .
2. Target - is a 1.618 fib extension for a projected N wave. This ties in with the June 2020 Support Level around 16.90
